On May 6, 2021 the Deputy Minister of Finance published a decree on the VAT position of members of supervisory boards, boards of supervisory directors as well as complaints advisory committees and review, dispute and comparable committees, which may require action to be taken.
The aim of this newsletter is to give you an easy-to-read overview of the latest tax updates in Africa. In this newsletter you can read-up on the tax treaty negotiations initiated by the Dutch Government, recent tax developments in Nigeria - including the 2021 budget and tax measures - and the latest on the minimum tax in Kenya.
The last step of the process of preparing the statutory financial statements is to file the financial statements with the Chamber of Commerce. To further optimise the digitalisation of this process, the Dutch authorities have developed the Standard Business Reporting (SBR) format (also known as XBRL format).
This judgment is not only important for the insurance of seagoing vessels, for which an exemption applies in the Netherlands, but also for the insurance of other vessels, which are subject, as starting point, to 21% insurance premium tax in the Netherlands.
The Supreme Court based its conclusion on a formal interpretation of the term ‘interest’ in the Legal Transactions Taxation Act and thus ruled differently to the Court of Appeals ‘s-Hertogenbosch, which, on January 24, 2020, had accorded an economic meaning to the term ‘interest’.
This judgment could put pressure on the Dutch practice, where a combination of mediation and other services closely related to insurance that are performed as a single supply are regarded as fully VAT-exempt.
